YouSaid · the spoken record

Trina Spear

lines on the record: 51
first: 2022-09-20
most recent: 2022-09-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Would say Heather making me her business partner early on. I think there was a leap of faith on both of our hearts. We're very different and we think differently. I'm grateful every day that we teamed up over a decade ago. She took a big leap in saying, yeah, I want to do this with you. I mean, it was really her idea, her vision. And I joined on to that. It changed my life. We're best friends and it's been one of the most significant relationships of my life.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Somebody told me that once. They're like, you know, for a company like you, you don't need Angineers because if you want an A plus engineer, they would go to SpaceX. And I just don't think that's true. I think you always want the best. You always want the best. And if you're really doing something different in the world and you're really serving people, which we are, you're really serving people in a very meaningful way, which I do feel like we're doing, the best will come at every level across the organization because you want to be a part of something like that. And there's always hard problems to solve. And there's always cool shit to build. What we say is do the things that you want to do. There's so much room to grow in our business. Don't just look for that task list. What do you want to do? Where do you want to create value? Where do you want to spend your time? Do that. And I'm sure it will add value to the business.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Higher than the market on every single job. When you have thousands of people for a business of our scale, which I've seen, you can't do that.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“There's an important metric revenue for employee one and a half million to two million is best in class. Actually, this is a meg line. Every executive will come to you and say, in order to achieve greatness, I need 5 million more dollars and 20 more people. Everyone will always say that. For us, it's, oh, I need three more graphic designers. I need three more engineers. Well, how do you know what one would do? How do you already know you need three? What if that one is so incredible? You have that big of an impact. It's really need-based. What do we need to do? to continue to build and grow and we are maniacal about it we're crazy people about hiring and how we hire and hiring right and not overhiring there's no reason and then you know you're able to do when you do it our way is able to pay people really well that's really important too you want to reward these people that are the best people in the world then we're able to pay at the 90th plus percent of market”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I love a team. I love working with our team. And our healthcare professionals. They spend less time than I used to with them. The business is so much bigger, but we have a phenomenal team. Everyone's in it. Everyone's in it. Everyone's so passionate. Everyone wants to do the right thing. Everyone wants to win. We say, create the world we want to live in. Do things differently. Innovate. Actually innovate. We never talk about competition. Ever. We don't look left. We don't look right. How do we outdo what we did yesterday?”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Every day there's something, the other secret of doing this, I think, is having a really short memory. I don't remember anything. People will be like, remember when this thing happened in 2014 and it was awful. I'll be like, I have no clue what you're talking about. I think I block out the bad stuff. I really do. That, I think, is very, very helpful. I remember very few elements of my early childhood. I think that's a part of resilience. It's like you are where you focus too. Don't focus on the bad stuff. Focus on the good stuff and be positive and be optimistic. There's no other way to be. Thomas Pole actually talks about this. The whole world is against you. You can't be against yourself.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, you go through enough shit, the universe builds it for you. And that's the thing when people you hire even how much shit has this person been through? Can they handle it? It gives you perspective too. People that haven't been through a lot in their life, it's hard for them to have perspective. And you see with junior level people, no, it just will take time for them to build that muscle over time. If you become upset or emotional at every little twist and turn is just exhausting, got to take it in stride and get up the next day and keep it moving.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Resilience, you get knocked down every single day. Elon Musk's quote is you eat glass morning to night. No one's patting you on the back. No one's telling you a great job. I don't remember the last time that someone said that to me. You really have to love to do it and want to do it and be really resilient when hard things happen and shit hits the fan in which it does. I don't know. I can name three things this week. You got to just be like, okay, how are we going to pick ourselves up and get better and improve? And that takes time. It took me a while to build that resilience muscle and not care what other people think. But even now as a public company, we've been a public company for about a year and a half now. Really say, okay, you can listen to people and you can learn from people, but at the end of the day, you have to have something within you that really grounds you in why you're doing it, who you're doing it for, so that you rise above and can do what you need to do.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“We're so purpose driven. We're so mission oriented. It's so clear what we're doing. We're making great products and we're connecting with the best people in the world. I don't know who can't get behind that. I think that's why over time we'll continue to prove into the market and the market's obviously gone in different directions for different reasons, having nothing to do with the fundamentals of our company. But over time, you'll see what we're doing and how we're doing it. People will figure it out. And it's an education process too. We're not afraid to talk through all the different aspects of what we do.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think about it a lot, especially when people talk about our stock. I'm like, no, no, it's a business. It's just funny to me when people just describe us as a stock because I'm like, oh my God, when you found a business with basically your hands, you're like, please don't talk about my company that way. I do think it's important to get your narrative right. It shouldn't really be that different for all the stakeholders, your employees, your investors, your customers, the mission of figs is to celebrate and power and serve those who serve others. whether you're a shareholder in our company or whether you're on our team or whether you're a healthcare professional that resonates and means something to people maybe it means different things it maybe means brand strength and price and power to our investor and maybe it means oh wow finally there's a brand that shows up for me and is going to deliver and make sure that i have what i need to do my job it can mean different things and sometimes you have to craft the narrative a bit differently depending on who you're talking to”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“That and you actually invest in people. There's fires that hit your desk every day. It's not the easiest problems, it's the hardest problems. Making definitive decisions, even if you're not sure, making that decision, we always say at figs, it's more important to actually make a decision and then make it right. Make the decision and then make it the right one. Do all the work to ensure that it goes well and you want to win. No one wants to lose. You want to win.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Job number one is setting the strategic vision and being really clear about it so that everyone within your organization knows where we're going and how you're going to get there. Maybe not all the how, but some of the how. I don't want to be overly micromanaging about the how, but these are the things that are important. And this is where we're going to be focused. And this is how we're going to prioritize it. And you got to repeat it over and over and over again to your blue in the face because new people are joining all the time and we have short memories. Two is building the best team and inspiring people. I think sometimes people lose sight of what that means to actually believe in people, to believe in people more than they maybe believe in theirself and how that can change someone's life. And I remember the first time someone believed in me and what that did for me. Believing in somebody on your team and telling them that, putting the resources and the time and energy behind that is what I think is my second job. The outcomes are way bigger than you could ever imagine when you do.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“eBay specifically was all about their community. She was one of the first to even define what that was. Before eBay, it was like the community center. Why do people love community centers to gather and be together? Because people love human connection. What is your business solving? People want to connect with each other, be that company that connects people. Eve did that, and we're doing that at FIGs. There's a lot of learnings from her in terms of really being community customer centric.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“She's so clear on the things that matter. One of her lines is don't major in the minor. Back to simplicity. Even the most complex businesses, you can roll up into the five things that matter. And I think Meg proved that over her career, simplifying and actually focusing on what matters. Her other line is run to the fire. And I think we've done this at FIGS over the years is really there are things that happen every single day and you just got to tackle it straight on. The conversation doesn't get any easier on any front doing it now, having that conversation. breaking that business down, getting rid of this thing that's not working anymore, building this thing over here that is running to the fire with eBay especially doing a lot of things that no one had done before. Our IPO is a good example of this and Meg was alongside us during that process. There's so many things about our IPO that we just did differently. We put healthcare”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“75% of the industry is women, 25% is men. We're like the mid teens in terms of total business is men. So men is a massive opportunity. We're really excited about continuing to create products and continuing to engage our male healthcare professionals.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, we make scrubs, but it's all of these other things that you need in your day. Please invest, underscrubs, sports broths, leggings. They're wearing them under our scrubs. Sports bras are not meant to run a marathon. They're meant to be worn medium impact to run around a hospital. Compression socks, our shoe club with New Valence, scrub caps, headbands. We just came out with pips. It's a button that plugs into your scrub cap or your headband. So you put your mask around that. They're wearing masks off your visitor in hospital. You take all the pressure off your ears.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“We have really expanded what is even a uniform to this community. It was just scrubs. And what we did was we said, okay, what are you actually wearing throughout your day to work, at work, from work, on shift, offshift, but even just on shift? You're wearing an underscrub, which we created for figs, you're wearing a fleece from Patagonia or North Pace, which make great fleeces, but really made to be worn hiking outside. Our fleeces invest and outerwear is meant to be worn indoors, it's freezing and it has a pocket for your stethoscope and your alcohol swabs, all the things that you're carrying around is a healthcare professional. It's just a different lens in which we create. Unders and outerwear are massive opportunities that we have maybe a style or two in. These were not in the numbers that I described, but what we see is that everything outside of Scrub is almost 20% of our revenue now. We've proven we're not just the scrubs.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Way that you are the best. You have to have the best product. If you have the best product, the numbers will work because of the repeat dynamics and because of all these other things where you're not paying for the customer every time. If you have a creative that's connecting with a group of people, your CPMs are less, your CACs, you're not paying as much because that's resonating and people are organically engaging with that content. You have to have financial people within the company that understand that concept. Because if you're just trying to pull the little levers down here, you miss what's up here, which is so much bigger and better.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“First off, we have an incredible CFO, and Danielle turns, and she does not run the company from a metrics standpoint. She runs a company from her angle, from a what's best for the business, what's best for the brand. Let me provide all the information and all the data and all the metrics so that we can be better. It's all with the lens of, hey, just in case you're wondering, this is what's happening over here, we can get some efficiency there and never from the lens of let's make a cheaper product or cut this part of our business that's really important to continue to build. Having a CFO that really is on that same page is really important, they can work hand in hand. Our financial profile isn't one of, oh, how do we cut, cut, cut, cut, cut. It's how do we build, build, build, build, build. The more you build and the most authentic, intentional and strategic way, the numbers are a result of that. We focus on the inputs. Those are the outputs. If you focus on the inputs and actually build the business in a way,”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Like, we will not match that, we will never match that. If you want to just go for money, you go for money. If you want to be associated with one of the best brands of the world that's doing something different, then you'll work with us. That level of conviction, belief that you don't have to pay to play, that's how you know you actually believe in what you're doing.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Has been a great advisor and mentor to myself and Heather over the years. Chip is maniacal about product and he's maniacal and obsessed with the customer. That's all you need. I think everything else gets in the way. You have too many investors or financial people around the table. That's where businesses go to die. If you can always bring it back, and we always do, putting the healthcare professional, that seat at the table saying what do they need, what would they want? How do you put them first time and time again, really customer centric? That is chip. And not deviating. I remember him telling me a story about somebody in the company. There was an ambassador and they have global ambassadors as part of what they do. Nike actually was going to take them over to become an ambassador with them. The young woman was saying, okay, well, Nike's offering me this. And the person within the company was like, we'll match that. And Ship was.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“It depends. The other thing to look at is the buyer. You can have a product that maybe doesn't sell as much, but you're not buying as much and it's really for brand and it's there to showcase an important element of your brand. We're known for technical innovation. So some product might be higher priced.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“People define it different ways, but I look at just revenue per skew. How much is any one SKU or any one style driving in sales, the AD-20 rule, which is really important? It goes to SKUs, it goes to customers. 20% of your customers drive 80% of your sales. 20% of your SKUs drive 80% of your sales. Those are the best way to build a business. It shows that you actually have loyalty. You have a business that's really driven by die-hard loyal people. People say, oh, well, that's not diversified enough. You need more diversification across your customer base or across your skill base. It's actually not how the world works.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Hero products are really important. I talk to a lot of entrepreneurs about this, and they'll be like, I want to launch these 50 things day one. It's like, get somebody like the one thing. Product market fit, one item. We had six styles for many years. It was a top and two pants. It was a one pocket top, a basic pan and cargo pant for women. Same for men. It was about just creating an amazing product. We got to get the trust of the customer before you could expand too. At this point, because of the trust and the loyalty that our community has with us, we joke about it. We could sell a napkin or a pen and it will sell out because they trust us that we're making the best thing for them. And you got to build that over time.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Productivity is one of the most important metrics to look at. How do you sell more and more of the same thing? This is the best business in the world. How do you keep it simple? 13 styles account for over 80% of our revenue. Beautiful thing. From a production standpoint, our manufacturers love us. From a fulfillment standpoint, our warehouses love us. Non-seasonality, how do you keep the lines running all year round? That's a function of us being a non-seasonal business. But it's also the simplicity. We really keep our SKUs. and our styles very simple and streamlined and it's back to solving a problem is that product really solving a problem for somebody or does it just look cool we won't make something for design sake design for design sake is irrelevant how do you use design how do you use development whether it's on the fabric side whether it's on the design and cut and sew side to actually solve a problem for somebody that keeps you centered i also think”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Outsource too much. They look where everybody is. They go to the competitive market, not to the place where nobody is. They overhire. They have five times as many people as they need to actually build a business the right way. They look for shortcuts on the product, funding Facebook and Google all day or meta and Google all day is not the right way to build a brand.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Creating the market. We always say lazy companies sell into TAM, innovative companies create TAM. The fact that the market is even without all of that really large and the fastest growing job segment in the world, there's 115, 120 million healthcare workers around the world, many of which that are waiting for figs, waiting for us to enter that market. It's all really exciting. And I think this market will look very different 10 years from now than it does today.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“A $79 billion market, $12 billion in the United States. That's healthcare apparel, just healthcare apparel. There's a third party study that was performed as part of our IPO that came up with those numbers. And if you look at the categories where it's scrubs and lab coats and a few other things, but really all of the things that we do, all the products that we create, and there's a vast list of products that we create outside of that are all above and beyond that 79 and that 12. We do really think of ourselves as creating the market. And even within scrubs, so take that 79 and 12, what was that? That was a VNEC top and a drawstring pair of pants. We completely changed the game on what's scrubs are. No one thought there would be a sleeveless Mandarin collar top. That's our Raphaela top or our Zamora jogger pants. We created the scrub jogger. All of that didn't exist. So we really do feel like everything we do within scrubs are outside of scrubs is all.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Our products are amazing. People come back because they're really good. I'm not paying for that customer again. And I'm probably not even paying them the first time because they heard about us from their colleague or their friend. So that's the real differentiator.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“How could we be that? They deserve better. How can we give them amazing products? And it all starts there. How can we give them amazing products that help them look good and feel good and perform? And how can we connect in a way that is authentic and fun? It's a really serious and sometimes very hard job. How can we infuse that fun in your day? Our brand is really fun. How do we become that as part of their lives and make their lives better? We never thought of ourselves as like, we're a G2C company. We always thought about ourselves as like making amazing products and showing up for this community. The word of mouth dynamic became just so important. Healthcare professionals are in hospitals. They're talking to each other all day. Every fixed customer is a walking billboard, acquiring the next customer for us. The replenishment driven dynamics. That's the other reason why we've been able to really differentiate ourselves. These are the two reasons why D2C actually works. Word of mouth and repeat.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we never really thought about ourselves as like we are a digitally native direct to consumer brand. You read all the blogs and then it's like, oh, they're direct to consumer. We always thought about ourselves as a brand that we really felt like there were no brands in this industry and there was no company. You would ask a healthcare professional walking down the street what they were wearing and they didn't know. They didn't know. And then some people were wearing scrubs that said raise anatomy scrubs. So that would be like if you're a lawyer going to work every day with like a law and order. Sure, every day. Like you're wearing a TV show, a TV show based on fake doctors and nurses and you're wearing that on your clothing every day. You're the best person ever. You're literally curing diseases and saving lives. What are you doing? It was just this concept of there was no company that was really doing it right and showing up for this community in the right way.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Just raising the bottom. The whole business has been about finding places and doing things that nobody has done before. That's the only way to win.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“How do you do things that nobody else is doing? I get asked all the time, well, how did you do this thing? Well, if you do this thing that I did, it won't be good for you. It won't be successful for you. Go figure something out that I did not do. There's so many things that we did in our business, our ambassador program is really important. We created the medical influencer. It didn't exist. These were just popular influential people that are now the most influential voices in healthcare and utilize the FIGS platforms to tell their stories and talk about loyalty. I mean, these people will hopefully be with us forever because they built the brand just as much as we built their platforms personally and within their institutions. That was a big, what I would call arbitrage opportunity, go where nobody is. We talk a lot about blue ocean strategy. Go to the part of the ocean where nobody is, then take it over. If you're in some really competitive market, it's going to be really hard to differentiate yourself. And it's going to be really hard to make any money.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“It took us a while to get the fabric right. No company has been able to replicate it, and they keep trying. So I think that was the foundation. And we always knew it. If we get the fabric right, you put a garment on your body and you want to look good and you want to feel good and you want to perform at your best, it all starts at the fabric level. Nuanced communication and nuance connection with people is really hard. We even see it now. Thank you, healthcare workers. It's like the cheesiest, inauthentic way to talk to our community. And they're really dynamic, amazing people. We call them awesome humans. They're saving lives. They've dedicated their lives to helping people and caring for patients. This is the best group of people, but they're human beings and you need to talk to them like that and treat them like the best people ever, but not in a patronizing way. That was really nuanced. We figured that foundation out early on. And then I think arbitrage opportunities. We talk a lot about arbitrage opportunities.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Why have we been able to spend so little on marketing? It's because we actually spent that time to understand this community and connect with them organically. We earn our customers. We don't pay for them. When you're just throwing digital marketing dollars, when you're just trying to get to a sales goal year one because your VCs are saying we need to hit this and then hit that, you destroy the long-term trajectory of the business. The longer it takes to get to the top, the longer it is for people to come after you, to take you down. For us, it was this trajectory of really leading up to very fast scalable growth, but doing it the right way and intentionally.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“We were all in. I'd left my job at Blackstone. Nothing felt like a risk, but everything felt very hard. A different point. I would say the first four years were incredibly slow in many ways and foundation building. There were many businesses year one. They're doing 15, 20 million sales. That was not our story. Year one to four was less than 5 million sales every year. It was less than one the first year and second year, third year one, fourth year four. Those first four years were incredibly hard in terms of trying things, failing, trying again, failing. So nothing was like, I'm taking a big risk because like, let's keep iterating, iterating, iterating. One of the biggest things of why we are where we are today is because of those first four years. Sometimes people try to hit it out of the gate. You're not going to build anything great if you don't really invest that time up front and build a real business the right way.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“And she was looking out the window, the idea was that she was looking at the wings and our crosses like wings. The whole vision was I want to make healthcare professionals fly. Looking down and seeing that opportunity of we can change the game here.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“And then people be like, no one's really looking at it that often except for you. We want to up our game. So it's like this level of upping your game and not being afraid of continuously evolving. We did a launch a few weeks ago and the branding around this launch didn't really look like our brand. How can we incorporate levels of our brand but continue to push the envelope? I just think having more fun with it, not being like, oh, we're going to get this super important agency. Like they are not going to do anything for you. What they do is they copy paste all these brands. That's why they all look alike. That's why all the fonts look alike. That's why the colors look alike. Here's your packaging. Here's your econ assets. And it's really easy for them. Putting together brand guidelines after doing it 60 times, that's pretty straightforward. But if you're actually like, no, no, why is the S, the shape of our logo, for instance, the G and the S is the exact same shape as the cross. The cross actually, Heather was on a plane.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“People try to do it all up front. I hear this all the time. Well, I need to make this perfect. We're still not perfect. There's so many things that we are evolving right now, 10 years in. There's so many things on that original list of all the things that we wanted to accomplish and all the things we wanted to do that we still haven't touched. I think that's the most exciting thing. We've done a fraction of all the things that we want to do. The brand is a good example of this. Our original colors were like yellow and gray. And you don't really see that at all. Our original cross was yellow in the middle and gray on the outer. And now it's black and white. We had a lot of cutesy call outs. And we still do callouts, but we do it a lot more streamlined and modern. Your brand's going to evolve as your community evolves. As the people you're serving evolve, we were just never afraid of continuing to. change what we're doing. It's because we also give bored of our own stuff. Like, ah, this has been on the site so long. We got to change this.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Mainly a personal life, a friend of mine who also was an investor, his name is Ryan Neese. He does a lot of speaking and he says, who in this room wants to be successful? And usually the younger people in high school and college. Everyone raises their hand. I want to be successful. I want to be successful. And he goes, what are you willing to give up? What are you willing to give up? That's just the truth. It takes a lot of hard work. It takes digging in and figuring things out, truly doing things differently and creating something that never existed is really hard. Never existed in the world. It's 2022. I also think having a partner like Heather, she's the ultimate innovator. She's like the true original. If she were on this talk news, she would say something like, what do you mean? There's just incredible opportunities everywhere you look. There's so much opportunity left in so many different industries. No one's done this and no one's done that. It's that left brain, right brain coming together to actually solve problems, but more importantly give people something they didn't even know they want.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's really hard. I mean, I'm not going to sugarcoat it. It's really hard. And myself and Heather and our team have sacrificed a lot to get to where we are.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Raise all this money, and it's going to be so expensive, but there's so many things you can do yourself. I find more and more entrepreneurs are looking to find a partner to outsource this piece and outsource that piece. They're going to do our whole brand and they're going to do our whole product. Well, what are you doing? That's when it gets expensive. When you're paying half a million to the branding agency, which we never had, ever, we're going to give this group two million to create the product. Heather and I created our product. We want it to do this and we worked with people around the world. When you fully outsource is when, by the way, you don't understand what you're doing. You don't control it. You have no understanding of actually how it's going to be different. In order to create something different, you actually have to be in it and do a lot of it yourself. It's your vision.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Early on, we partnered with manufacturers that didn't really charge us up front. They believed in us. And there are so many ways to build a business in a really scrappy way. I mean, we still are super scrappy and you see it in the numbers. But I don't think it needs to be so expensive. We have over 70% product margins. Even when you're creating a product that's incredible, when you sell direct to consumer, you just have structurally advantaged margins. That's a huge benefit. To your point, making a product, bringing inventory into your warehouse to then sell, you have to finance that. We did raise money early on. We raised a $2 million seed around, and that was helpful to getting the business off the ground. But even if you look at over the past 10 years, we've only ever spent $10 million and we've generated now over $1.2 billion in total in aggregate. I do think there's this perception that you need.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“By selling direct to consumer, which is what we do online, by making all of our own products from the yarn level, literally starting at the yarn level all the way through to the end customer to getting that package on your front doorstep. When you own and control the entire chain of events from making to selling, you're able to infuse those additional margin dollars in the product and as well as in your marketing and connecting with your community, which are the two things that I think we do really, really well.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“That was the big problem of these companies in many ways was strong because it's a non-seasonal business and all the dynamics I described earlier, but they were giving so much of their profitability away to the retailer and actually the license holder. Many of the companies are licenses of other companies. What's a license? You're literally slapping somebody else's label on a product and then paying for that label or that brand to be put on your product. They were giving about 60% of the total retail away to the retailer. They're about $40,500 of them across the United States. These stores and strip malls that sell to the healthcare professional. And then they were giving about 8 to 12 percent away in the form of a royalty fee to the license holder that owned that name. What was left was there was no room to innovate on the product. There's no room to take the margin dollars and actually infuse it into making great products.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Heather came up with it Why did these multi billion dollar companies exist so focused on the athlete to make sure that the grass stains didn't stain or uniform as an athlete? Why wasn't there anything like that for healthcare professionals? Why wasn't there any technical apparel for the people actually saving lives? That was the big moment and very much drives our mission today. Whether it was building in features and functionality that didn't exist or working with people that really thought outside the box we weren't trying to replicate anything.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Every given customer. They don't even know their name. How are they going to think about what the problems are that they were to solve? This is a mandated industry. It's a uniform industry. These companies were doing very, very well. They were replenishment-driven businesses, a non-discretionary product. People need their uniforms to go to work every single day. So they thought they were doing great. They continued to grow and it's the fastest growing job segment. The way in which it was structured, the way in which it would evolve left a massive opportunity for us to come in and change it.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Were companies that made medical apparel, companies that made scrubs, and there were companies that sold it. There was no vertically integrated company that did both. You had companies that manufactured, they would sell to the retailer. The retailer then sold to the healthcare professional. And this is still true outside of us and a few others. But the healthcare professional goes to the store and they say, I hate my scrubs. These are awful. I have no pockets. I'm pinning my wedding ring to my bra strap. I'm tying it to my drawstring. Can you fix it? The associate at the store says, We don't make this. We just buy it. We just get it from the manufacturer. All of the problems that we hear about every day in that feedback loop, which is so important in terms of making great product, didn't exist. That store, that sold had no ability to go change and make something better. And then from the manufacturing front, they don't even know the name of their customer. Not even the name. Think about all the thousands of data points we have.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“As your uniform, what had to realize at the time was not only was the product so awful, not anything that you or I would want to wear to work, but the experience was really not great. She said, wow, you're right, there's nothing out there. She took her friend Scrubs. She really focused just on the fits and inseam and the rise and tailored them. And everyone started calling Heather, hey, Scrubs girl, can you fix my scrubs? All the healthcare professionals at Cedars. And Heather's like, I don't have time to fix everyone's scrubs. Why are they calling a random girl in LA? That's really how it all started. From there built a first of its kind fabrication, built out our distribution, first company to go online direct to healthcare professionals. That's what we're doing.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source
“Best ideas, the best businesses at the root of it are obvious and simple. And this is one of the most obvious and simple ideas in the world. Heather Hassan, my co-founder, she was sitting with a friend of hers over coffee over a decade ago. Her friend is a nurse practitioner at Cedar Sinai. She said to Alison, her friend, what are you wearing? Her friend said, these are my scrubs and they were baggy and boxy and actually the size was on the back of the neck. And Heather's like, everyone's walking around the hospital with the size on the back of the neck. And her friend's like, yeah. And she's like, wait, everyone? That's crazy. Basically said, I'm the best shopper in the world. I'll find you better scrubs. So her friend sent her to one of these stores where scrubs are sold. And generally they're in strip malls and you walk into medical supply store and there's a rack of black and a rack of navy and a rack of whites. They're selling bedpans and knee braces next to what you would wear.”
2022-09-20 · Invest Like the Best · Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295] · IDENTIFIED FROM THE TRANSCRIPT · source